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As part of its commitment to ensuring the most talented students from all backgrounds have access to the best possible education, today Colby College launched MyinTuition, a tool designed to assist families in understanding their estimated cost to attend the College. This benefits all families, but may be especially useful to those for whom the “sticker price” prohibits them from considering Colby as a realistic financial option.
“We aim to ensure that high-achieving students from all backgrounds realize that a Colby education is accessible regardless of their families’ means,” said Vice President and Dean of Admissions and Financial Aid Matt Proto. “Colby has many ways of expressing this commitment, most notably that we meet the full demonstrated need of admitted students using grants, not loans, in financial aid packages. This cost estimator is another tool for families to see that a Colby education is possible.”
Colby recently announced that admitted students whose families have a total income of $60,000 or less, and assets typical of this income range, should expect a parent contribution of $0. The median annual income in the United States is between $57,000 and $59,000, meaning that approximately half of American families should be able to send their child to Colby under this policy, which begins with the Class of 2022.
In many cases, Proto said, a Colby education could be more affordable to families than other college options with a lower sticker price. He noted that more than 40 percent of Colby students receive institutional financial aid, and the average financial aid award is more than $45,000.
MyinTuition, which is available here, addresses the widespread problem of undermatching, when highly qualified students do not opt to apply to top colleges because they assume they do not have the resources. The customized tool could help families broaden their options when deciding where to apply to or attend college.
The tool, developed by a Wellesley College economics professor, is free to use, and individual results are visible only to the user.